Global mHealth Market Worth Around USD 152.2 Billion by 2026: Acumen Research and Consulting
The global mhealth market
size is expected to around USD 152.2billion by 2026, the market is anticipated to grow with 26.1% CAGR during the forecast timeframe. Supportive government regulation to boostthe acceptance of advance healthcare infrastructure is estimated to bolster the global mhealthmarket growth. Also, to improvise the healthcare sector digitally is becoming a need of an hour.
Increased patient engagement and connectivity owing to increasing penetration of Internet of Things (IoT) is also anticipated to boost the global mhealth market over the forecast timeframe. Growing penetration of smart phones, continuing trend of connected devicesandsmart wearables, and increasingalertnessabout the advantages of mhealth are among the key parametersmotivating the market growth.
Escalatingattractiveness of patient centric care delivery is also projected to propel the mhealthmarket during the forecast period. Additionally, broadening base of aged population and consequentlygrowingincidence of chronic conditions are possible to deliver a fillip to the mhealthmarket. mhealthoffers access to health related education, allows disease treatment adherence, and aids in contacting health workers for illness management.
Technical advancements and favourable initiatives for emerginginventive digital solutions are also motivating the growth of the market. An app launched in Tasmania namedAirRater, which tracks the patient’s symptoms and alerts them about concentrations of air-borne pollutants for instance, pollen and smoke. This app was launchedin October 2015. AirRater app was madeby University of Tasmania researchers and was initiallyfinanced by Sense-T through and also support from the government of Australia.
Mounting preference for mhealth in timely diagnosis and illness tracking is one of the main growth driver for the market. There is a hugeneed for the service in remote or rural areas for handling care delivery process due to less availability of medical professionals. Increasing the demand for digital technologies for handling diseases for instanceheart disease,diabetes,insomnia,asthma and autism is also anticipated to drive the growth of the market.
The global mhealth market is segmented into four major segment named services, participants, and region. On the basis of services the mhealth market is segmented into monitoring services, diagnosis services, healthcare systems strengthening services and others. These monitoring services are further bifurcated into independent aging solutions and chronic disease management and post-acute care services. On the basis of the participants the global mhealth market is segmented into mobile operators, device vendors, content players, and healthcare providers. On the basis of region the global mhealth market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
In 2018, Europe was the major revenue contributor in the global mhealth market. Growingacceptance of mHealth in European nations such as U.K. and France. Increasing number of research initiatives are key parameterstrengthening the development of the regional market. Rising geriatric population and consequentlyincreasing chronic diseases burden in this region are also boosting the growth of the mhealthmarket. Also, growing research initiatives, for instance, the Europefinanceda project named MyCyFAPP. This project is a digital health tool for assisting cystic fibrosis patients and their families to aidcompute optimal enzyme dosage, are also optimistically prompting the market. Furthermore, in thisMyCyFAPP, a game was developed by developers for children to aid them understand the significance of good nutrition.
Asia Pacific is expected to record the highest CAGR of 27.0% over the forecast period. Developingacceptance of digital technologies, growingalertnessregarding connected care, increasingacceptance of remote monitoring tools, and unmet healthcare demand are contributing the growth of themhealth market in the region. Increasing geriatric populace in nationsfor instance, China and increasingload of chronic conditions are motivating the need for mHealth in illnessmonitoringand diagnosis.
The key players catering to the global mhealth market are Vodafone Group, AllScripts Healthcare Solutions, Apple Inc.,AirStrip Technologies, Qualcomm Inc.,mQure,Softserve, Telefonica, Orange, Google Inc., Samsung Electronics, and AT&T.These companies are financing huge capital to innovate the product line as the opposition in the market is growing with rapid pace. Also, with shifting technology the need for better healthcare infrastructures are growing, so cater the need of the customers, players are continuously innovating new products and solution for healthcare sector.
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